Westpac NZ profit falls 9% to $1.09b as mortgage competition squeezes margins

Wellington Business Editor·NZ Herald·2 Nov, 2026 05:13 AM3 mins to read‌Westpac NZ’s chief executive Catherine McGrath wants to see bipartisanship on infrastructure investment following the election. Photo / Mark TantrumWestpac New Zealand chief executive Catherine McGrath says competition contributed to the bank’s profit falling by 9% in the past year. Westpac’s net profit for the year to September fell 9% to $1.09 billion. While the bank increased its lending by 5% and took 4% more deposits than the